Morgan Stanley’s Bitcoin Trust has surpassed $400 million in cumulative inflows, signaling sustained institutional interest even as U.S. Spot Bitcoin ETFs recorded $51.83 billion in cumulative net inflows. However, near-term demand remains uneven, with funds registering approximately $240 million in daily outflows while Bitcoin trades below the $65,000 psychological level. On-chain data shows Bitcoin’s MVRV Z-Score at 0.39, suggesting the asset is trading close to its Realized Value, a level historically associated with favorable accumulation periods. Simultaneously, miner transfers to exchanges have dropped to 968 BTC, the lowest monthly reading, potentially reducing selling pressure and supporting a recovery.
Institutional demand for Bitcoin gained momentum as Morgan Stanley’s Bitcoin Trust crossed $400 million in cumulative inflows. Meanwhile, U.S. Spot Bitcoin ETFs recorded $51.83 billion in cumulative net inflows.
However, the funds registered approximately $240 million in daily outflows, showing that near-term demand remained uneven. The divergence emerged as Bitcoin traded below the psychological $65,000 level.
This left investors questioning whether institutional demand could provide enough fuel for a recovery. On-chain indicators suggested that the market may still have room for an upward move.
According to analysis, Bitcoin’s MVRV Z-Score stood at 0.39. The reading suggested that BTC traded relatively close to its Realized Value.
Historically, lower MVRV Z-Score readings have appeared near favorable accumulation periods. However, the metric alone cannot confirm that Bitcoin has reached a market bottom.
At the same time, miners appeared to reduce their selling activity. Miner transfers to exchanges fell to 968 BTC, marking their lowest monthly reading during the observed period.
Lower transfers could reduce immediate selling pressure and give incoming demand greater influence over Bitcoin’s price. Even so, weaker miner transfers do not guarantee that miners have stopped selling elsewhere.
Bitcoin’s technical setup showed that $65,000 remained a crucial resistance level. The former support zone became resistance during May’s decline, restricting subsequent recovery attempts.
At press time, Bitcoin traded below several unfilled market imbalances. The largest concentration sat above $65,000, placing that level firmly on traders’ radar.
Markets sometimes revisit such inefficiencies before establishing a new trend. Those gaps are not guaranteed to close.
Bitcoin’s Stochastic RSI stood at 31 and approached the conventional oversold region below 20. That decline suggested weakening momentum, although an oversold reading would not independently confirm a reversal.
Therefore, ETF demand and reduced miner transfers may support BTC. Price confirmation above $65,000 remains the critical test.
